Rupee Strengthens Against US Dollar

The Pakistani rupee saw an increase in value against the US dollar, rising by 0.42% in the early trading hours on Friday in the inter-bank market.

At approximately 10:30 am, the rupee’s value was around 283.03, which reflects a gain of Rs1.19.

The currency had previously closed at 284.22 on Thursday.

Global Market Overview

On a global scale, the US dollar remained stable near its lowest point in two weeks on Friday. This comes as investors consider US tariff discussions before a deadline and look forward to central bank meetings next week for signals on monetary policy.

The US Federal Reserve and the Bank of Japan are both anticipated to maintain current rates at their upcoming policy meetings. However, market participants will be closely analyzing the subsequent statements to assess the timing of potential future actions.

Improved prospects for rate increases by the BOJ were noted following a trade agreement with the United States that reduced tariffs on auto imports from Japan to 15%.

The yen was trading at 147.10 against the dollar, heading towards a weekly gain of 1%, marking its best performance since mid-May.

The dollar index, which compares the US dollar to six other currencies, stood at 97.448, on track for a 1% decrease this week, its poorest showing in a month.

Oil Prices Rise

Oil prices, which are an important indicator for currency values, increased on Friday. This rise was fueled by optimism about a possible trade agreement between the US and the European Union, as well as reports that Russia intends to limit gasoline exports to many countries.

Brent crude futures increased by 17 cents, or 0.3%, reaching $69.35 per barrel. US West Texas Intermediate crude futures rose by 15 cents, or 0.2%, to $66.18 per barrel.

Oil prices closed 1% higher on Thursday, influenced by media reports about expected cuts to Russian gasoline exports.

This information is an intra-day update.